$36 trillion will pass from baby boomers to Gen X and millennial households over the next 20 years, Visa estimates, far below widely cited forecasts above $100 trillion.
Visa says retirement spending, debt, taxes and charitable giving sharply reduce what heirs ultimately receive, and about three-quarters of recipient households already have above-median net worth.
$28 trillion of that inherited wealth is expected to be saved or invested, leaving about $8 trillion to be spent on goods and services and limiting any broad lift to consumer demand.
Housing, autos, travel and retail could still see clearer benefits, while parental help with home down payments and multigenerational travel already show how the transfer is shaping spending patterns.
Baby boomers currently hold at least $93 trillion in assets, underscoring the scale of the shift even as Visa expects only a modest economy-wide consumption boost.